MAC Copper Limited Announces 2024 Resource and Reserve Statement and Production Guidance
MAC Copper (NYSE:MTAL) has released its 2024 Resource and Reserve Statement and 2-Year Production Guidance for the CSA Copper Mine. The company reported 545kt of copper in Mineral Reserves at 3.4% Cu grade and 464kt in Mineral Resources at 5.4% Cu grade, extending mine life to 12 years through 2036.
Key highlights include an inaugural zinc resource of 173kt at 7.3% Zn grade, and the announcement of the new 'Merrin Mine' development in the upper portions of the mine. The company maintains its production guidance and expects higher copper grades of 3.8-4.0% Cu for 2025.
The Merrin Mine initiative aims to increase production by Q4 2025, with separate access, haulage, and ventilation systems. MAC has signed a zinc ore tolling agreement with Polymetals Resources for processing this new production.
MAC Copper (NYSE:MTAL) ha pubblicato il suo Rapporto sulle Risorse e Riserve 2024 e le Indicazioni di Produzione per i prossimi 2 anni per la Miniera di Rame CSA. L'azienda ha riportato 545 kt di rame nelle Riserve Minerali con un grado di Cu del 3,4% e 464 kt nelle Risorse Minerali con un grado di Cu del 5,4%, prolungando la vita della miniera a 12 anni fino al 2036.
I punti salienti includono una risorsa di zinco inaugurale di 173 kt con un grado di Zn del 7,3%, e l'annuncio dello sviluppo della nuova 'Miniera Merrin' nelle porzioni superiori della miniera. L'azienda mantiene le sue previsioni di produzione e si aspetta gradi di rame più elevati, tra il 3,8% e il 4,0% di Cu per il 2025.
L'iniziativa della Miniera Merrin mira ad aumentare la produzione entro il quarto trimestre del 2025, con sistemi separati di accesso, trasporto e ventilazione. MAC ha firmato un accordo di tolling per minerale di zinco con Polymetals Resources per la lavorazione di questa nuova produzione.
MAC Copper (NYSE:MTAL) ha publicado su Informe de Recursos y Reservas 2024 y la Guía de Producción de 2 años para la Mina de Cobre CSA. La compañía reportó 545 kt de cobre en Reservas Minerales con un grado de Cu del 3,4% y 464 kt en Recursos Minerales con un grado de Cu del 5,4%, extendiendo la vida útil de la mina a 12 años hasta 2036.
Los aspectos destacados incluyen un recurso inaugural de zinc de 173 kt con un grado de Zn del 7,3%, y el anuncio del nuevo desarrollo de la 'Mina Merrin' en las partes superiores de la mina. La compañía mantiene su guía de producción y espera grados de cobre más altos de 3,8-4,0% Cu para 2025.
La iniciativa de la Mina Merrin tiene como objetivo aumentar la producción para el cuarto trimestre de 2025, con sistemas separados de acceso, transporte y ventilación. MAC ha firmado un acuerdo de procesamiento de mineral de zinc con Polymetals Resources para esta nueva producción.
MAC Copper (NYSE:MTAL)는 2024년 자원 및 매장량 보고서와 CSA 구리 광산에 대한 2년 생산 지침을 발표했습니다. 이 회사는 3.4% Cu 등급의 광물 매장량으로 545kt의 구리와 5.4% Cu 등급의 광물 자원으로 464kt를 보고하며, 광산의 수명을 2036년까지 12년으로 연장했습니다.
주요 하이라이트로는 7.3% Zn 등급의 173kt의 아연 자원이 처음으로 발표되었고, 광산 상부에 있는 새로운 '메린 광산' 개발이 발표되었습니다. 이 회사는 생산 지침을 유지하며 2025년에는 3.8-4.0% Cu의 더 높은 구리 등급을 예상하고 있습니다.
메린 광산 이니셔티브는 2025년 4분기까지 생산을 증가시키는 것을 목표로 하며, 별도의 접근, 운반 및 환기 시스템을 갖추고 있습니다. MAC는 이 새로운 생산을 처리하기 위해 Polymetals Resources와 아연 광석 가공 계약을 체결했습니다.
MAC Copper (NYSE:MTAL) a publié son Rapport sur les Ressources et Réserves 2024 ainsi que ses Prévisions de Production sur 2 ans pour la Mine de Cuivre CSA. L'entreprise a rapporté 545 kt de cuivre dans les Réserves Minérales avec un taux de Cu de 3,4% et 464 kt dans les Ressources Minérales avec un taux de Cu de 5,4%, prolongeant la durée de vie de la mine jusqu'en 2036, soit 12 ans.
Les points clés incluent une ressource en zinc inaugurale de 173 kt avec un taux de Zn de 7,3%, ainsi que l'annonce du développement de la nouvelle 'Mine Merrin' dans les parties supérieures de la mine. L'entreprise maintient ses prévisions de production et s'attend à des taux de cuivre plus élevés de 3,8 à 4,0% Cu pour 2025.
L'initiative de la Mine Merrin vise à augmenter la production d'ici le quatrième trimestre 2025, avec des systèmes d'accès, de transport et de ventilation séparés. MAC a signé un accord de traitement de minerai de zinc avec Polymetals Resources pour cette nouvelle production.
MAC Copper (NYSE:MTAL) hat seine Ressource- und Reservenmeldung für 2024 sowie die 2-Jahres-Produktionsprognose für die CSA Kupfermine veröffentlicht. Das Unternehmen berichtete von 545 kt Kupfer in Mineralreserven mit einem Cu-Gehalt von 3,4% und 464 kt in Mineralressourcen mit einem Cu-Gehalt von 5,4%, was die Lebensdauer der Mine bis 2036 auf 12 Jahre verlängert.
Zu den wichtigsten Punkten gehört eine erstmalige Zinkressource von 173 kt mit einem Zn-Gehalt von 7,3% sowie die Ankündigung der neuen 'Merrin Mine'-Entwicklung in den oberen Bereichen der Mine. Das Unternehmen hält an seiner Produktionsprognose fest und erwartet für 2025 höhere Kupfergehalte von 3,8-4,0% Cu.
Die Merrin-Mine-Initiative zielt darauf ab, die Produktion bis zum vierten Quartal 2025 zu steigern, mit separaten Zugangs-, Transport- und Belüftungssystemen. MAC hat einen Zink-Erzverarbeitungsvertrag mit Polymetals Resources für die Verarbeitung dieser neuen Produktion unterzeichnet.
- Mine life extended to 12 years (from 11 years in 2023)
- Reserve grade improved from 3.3% to 3.44% Cu
- New zinc resource discovery of 173kt at 7.3% grade
- Expected higher copper grades of 3.8-4.0% for 2025
- Signed zinc ore tolling agreement for new production
- Q1 2025 production expected to be weakest quarter
- 2024 Mineral Reserve only extends 70m vertically below current decline
Insights
The 2024 Resource and Reserve Statement from MAC Copper presents a compelling narrative of operational optimization and strategic growth. The extension of mine life to 12 years, coupled with improved grades from 3.3% to 3.44% Cu, demonstrates successful execution of the company's operational enhancement initiatives. The near-term grade profile is particularly impressive, with expected ranges of 3.8-4.0% Cu for 2025 and 3.6-3.8% Cu for 2026, significantly above the reserve grade of 3.44% Cu.
The discovery of a 173kt zinc resource represents a significant diversification opportunity. This polymetallic resource, grading 7.3% Zn, 0.6% Cu, 2.2% Pb, and 23 g/t Ag, provides valuable operational flexibility and potential revenue streams, particularly with the secured zinc ore tolling agreement with Polymetals Resources
The introduction of the Merrin Mine project is strategically significant for several reasons:
- Located within 100m of existing development, minimizing capital requirements
- Independent ventilation and access systems provide operational redundancy
- Potential to increase mill throughput to 1.7Mtpa
- Production diversification reduces reliance on high-grade stopes that currently cause quarterly volatility
The company's maintained production guidance, combined with the potential for upgrades as the Merrin Mine develops, suggests conservative management approach while preserving upside potential. The capital investment strategy, focusing on ventilation infrastructure and the Merrin Mine development, appears well-aligned with the objective of sustainable production growth.
The resource replacement and modest increases, despite 16 months of mining, indicate effective exploration and resource management strategies. The improvement in Measured and Indicated resources enhances mining confidence and planning reliability, while the substantial copper content in these categories provides future reserve conversion potential.
ST. HELIER, Jersey--(BUSINESS WIRE)-- MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC), a private limited company incorporated under the laws of Jersey, Channel Islands (“MAC” or the “Company”) is pleased to release its Resource and Reserve Statement (as at 31 December 2024) (“R+R”) and 2 Year Production Guidance for the CSA Copper Mine in NSW.

Figure 1 – The Merrin Mine (Graphic: Business Wire)
In accordance with Item 1300 of Regulation S-K (17 CFR Part 229) (“S-K 1300”), all Mineral Resources are reported exclusive of Mineral Reserves.
Resource and Reserve Statement
Highlights from the R+R include:
- Updated to 12-years (end of 2036) based on Mineral Reserves only
-
Contained copper (“Cu”) in Mineral Reserves (Refer Table 4 for breakdown) of 545kt Cu at an average grade of
3.4% Cu and 13.3 g/t Ag -
Contained Cu of 464kt in total Mineral Resources (Refer Table 2 for breakdown) at an average grade of
5.4% Cu and 19 g/t Ag -
Inaugural zinc (“Zn”) resource of 173kt of contained Zn (plus Cu, Pb and Ag) in the upper portion of the mine at a grade of
7.3% Zn,0.6% Cu,2.2% Pb and 23 g/t Ag (Refer Table 3 for breakdown) - 2024 Mineral Reserve only extends 70m vertically below the current decline position requiring only minimal annual development
- New resources in the upper portions of the mine being incorporated into a new mine to be developed in the shallow portion of the mine, refer below for discussion on the new “Merrin Mine” - lowest cost and lowest risk option to increase group production by filling the mill
- All deposits are open in at least one direction and drilling is continuing to further increase the R+R, subject to exploration success and economic factors
The effective date for the R+R is 31 December 2024 and as such, any new information received after that time has not been incorporated into the R+R at this stage.
MAC CEO, Mick McMullen commented
“The 2024 R+R has demonstrated that after mining for 16 months from the first MAC R+R statement for the CSA Copper Mine, we have replaced all of that material and seen modest increases in resources and reserves. After the 2023 R+R delivered an 11-year mine life, which has now been updated to 12-years, our focus during the past year has been on targeting areas that can be mined faster in the near term, increasing the confidence level of the resources which has seen the Measured and Indicated component increased as well as grade which has been improving with depth.
Our reserve grade has improved from
We still have substantial contained Cu in the Measured and Indicated Category that are not included in the Mineral Reserves and work is underway to convert these to our Mineral Reserve estimates in the future.
2024 is the first year for MAC to publish a Zn resource and work is underway for mine planning, access and ventilation requirements to mine this material. As this is in the Inferred classification due to the age of some of the data, this cannot be converted to reserves at this stage. This mineralisation is within 100m of existing development and the hurdle for development is low. This is being incorporated into our plans for the new “Merrin Mine” which is discussed in detail below.
We are very excited about the Merrin Mine which can add incremental production for very little money and in the near term. We received the resource estimates for this at the end of 2024 and mine planning is well underway to extract this material in the near term. Our view is that this mine will provide the best internal rate of return of any of the options available to MAC, both organic and inorganic.
Clearly, the CSA Copper Mine, which has been operating since 1967 in its modern format (and was first mined in 1871) has the potential to be mined for a long period of time and we believe the capital investments that MAC is making in the capital ventilation project and the Merrin Mine will underpin further extensions to the currently defined mine life.”
Two Year Production Guidance
Based on the updated R+R, the Company is maintaining its production guidance for the next two years and provides Capital Guidance for 2025 as set out below:
Table 1 - CSA Copper Mine Production Guidance
|
2025 |
2026* |
||
|
Low Range |
High Range |
Low Range |
High Range |
Cu Production (tonnes) |
43,000 |
48,000 |
48,000 |
53,000 |
Cu grade (%) |
3.8 |
4.0 |
3.6 |
3.8 |
Growth Capital |
|
|
|
|
Sustaining Capital |
|
|
*Excluding any production that may be achieved from the Merrin Mine |
This two-year production guidance is based primarily on Mineral Reserves but also on measured and indicated Mineral Resources (as at 31 December 2024). Cu grades are expected to be higher than previous guidance given the improved dilution control and mine sequencing in the 2024 reserve plan.
The CSA Copper Mine is high grade in general, but a small number of very high-grade stopes (plus
With 2024 production being just above midpoint of the 2024 guidance, the Company considers the range of production outcomes provided here to be applicable at this time but as work progresses on incorporating production from the new Merrin Mine this may be upgraded during 2025. No production from the Merrin Mine has been included in the guidance at this stage.
Sustaining capital is in line with 2024 actual spend and includes the Stage 10 TSF construction that will provide tailings capacity until 2030. The growth capital spend relates to the Capital Ventilation Project (which is key to unlocking the bottom of the mine to increase production above the current guidance range) and the development of the upper portions of the mine.
The Merrin Mine
The Company has identified significant mineralisation in the upper parts of the CSA Copper Mine (above the 900 metres below surface level) that has previously been referred to as a series of deposits (including QTSS Upper) and levels. In order to identify this as a separate operation, the Company is calling all mineralisation above the 900m below surface level “The Merrin Mine” in honour of our highly regarded Chair, Patrice Merrin.
As seen in the resource section, MAC is now able to quote an Inferred resource for a portion of the known Zn mineralisation in this area. In addition, there is substantial Cu mineralisation that is not currently in a format able to be quoted as a resource but for which MAC has sufficient information and confidence to commence mine planning to extract both the Zn and Cu in the Merrin Mine.
MAC has signed a Zn ore tolling agreement with Polymetals Resources Ltd (“POL”) that provides a processing solution for this Zn mineralisation in the Merrin Mine. Based on the public information provided by POL, it is expected that their Endeavour processing plant will be running by mid-2025 and MAC is working towards being in a position to commence Zn mining by Q4 2025.
Cu production from the Merrin Mine should commence in Q4 2025 as well, from the area previously shown as QTSS Upper where development has already commenced. Focus is now being turned to mining the substantial Cu mineralisation in the rest of the Merrin Mine which can be used to fill the CSA Copper Mine processing plant. The Company has also executed a water supply agreement with POL that provides sufficient water to mill circa 1.7Mtpa through the CSA Copper Mine mill and the goal is to use the Merrin Mine to get to this production level.
Production from the Merrin Mine will be accessed through the existing decline and potentially an additional shallow decline and using ventilation independent of the bottom of the mine. This is effectively a new mine 1.6km away from the current production source and will materially de-risk the operation with separate access, haulage and ventilation systems. This additional tonnage will also smooth out the outsized impact of the very high-grade stopes in QTSN that can impact quarter on quarter production volatility.
MAC views the Merrin Mine as having the best return on capital deployed of the options available to it both organically and inorganically. This new mine has the lowest cost to develop given the resources are within 100m of existing development, has the least metallurgical risk given it has previously been treated through the CSA Copper Mine plant (both the Zn and Cu) and is already owned by MAC.
Mineral Resources
The Mineral Resources have been updated based on data to 31 December 2024 and allowing for depletion to that date. The new Mineral Resources estimates total 8.6Mt @
Table 2- CSA Copper Mine Mineral Resources
CSA Copper Mine |
Tonnes (Mt) |
Cu (%) |
Cu metal (kt) |
Ag (g/t) |
Ag metal (Moz) |
Measured |
3.2 |
5.5 |
176 |
20 |
2.1 |
Indicated |
2.4 |
4.6 |
110 |
12 |
0.9 |
Measured + Indicated |
5.6 |
5.1 |
285 |
17 |
3.0 |
Inferred |
3.0 |
5.9 |
178 |
22 |
2.1 |
Total |
8.6 |
5.4 |
464 |
19 |
5.1 |
Notes:
- Mt = million tonnes; kt = thousand tonnes; g/t = grams per tonne; Moz = million ounces
- Mineral Resources are reported as of 31 December 2024 and are reported using the definitions in S-K 1300;
- Mineral Resources are reported in accordance with S-K 1300;
- Mineral Resources are reported exclusive of Mineral Reserves;
- The Qualified Person for the estimate is Eliseo Apaza, an officer of MAC and a full time employee of a wholly owned subsidiary of MAC Copper Limited;
-
Price assumptions used in the estimation include
US /t of copper and$8,279 US /troy ounce (“oz”) of silver; in line with long term broker consensus forecast copper pricing as at August 8, 2023;$22.60 -
Geological mineralization boundaries defined at a nominal
2.5% Cu cut off for high grade, and1.5% Cu for the lower-grade halo portion of the lenses. Resources are reported above a1.5% Cu cut-off grade; -
Costs assumptions underlying cut-off grade calculation include
US /t ore mined,$77 US /t ore milled and$29 US /t G&A ore milled;$27 -
Metallurgical recovery assumptions used in the estimation were
97.5% copper recovery and80% silver recovery; - Mineral Resources reported as dry, raw, undiluted, in-situ tonnes; and
- Figures are subject to rounding.
For the first time, MAC also provides a Mineral Resource estimate for the Zn mineralisation in the Merrin Mine totalling 2.4Mt @
Table 3- CSA Copper Mine Zinc Mineral Resources
System |
Tonnes (Mt) |
Zn (%) |
Zn metal (kt) |
Ag (g/t) |
Ag metal (Moz) |
Eastern 2L - 6L |
|||||
Inferred |
2.4 |
7.3 |
173.6 |
23.0 |
1.8 |
Total |
2.4 |
7.3 |
173.6 |
23.0 |
1.8 |
Mineral Reserves
The Mineral Reserve estimates have been updated based on data to 31 December 2024 and allowing for depletion to that date. The updated Mineral Reserve estimate totals 15.9Mt @
Table 4 - CSA Copper Mine Mineral Reserves
CSA Copper Mine |
Ore (Mt) |
Cu Grade (%) |
Cu metal (kt) |
Ag Grade (g/t) |
Ag metal (Moz) |
Proven |
11.4 |
3.4 |
391 |
13.4 |
4.9 |
Probable |
4.5 |
3.4 |
154 |
12.9 |
1.9 |
Proven and Probable |
15.9 |
3.4 |
545 |
13.3 |
6.8 |
Notes:
- Mineral Reserves are reported as of 31 December 2024 and are reported using the definitions in S-K 1300;
- Mineral Reserves are reported in accordance with S-K 1300;
- The Qualified Person for the estimate is Jan Coetzee, an officer of MAC and an employee of a wholly owned subsidiary of MAC Copper Limited;
-
Price assumptions used in the estimation include
US /t of copper and$8,279 US /troy ounce (“oz”) of silver, in line with long term broker consensus forecast copper pricing as at August 8, 2023;$22.60 -
Mineral Reserves reported as dry, diluted, in-situ tonnes using a Stope breakeven cut-off grade of
2.2% Cu for 2025 to 2026 and a cut-off-grade of1.65% for the remaining periods and a Development breakeven cut-off grade of1.0% Cu; -
Costs assumptions underlying cut-off grade calculation include
US /t ore mined,$77 US /t ore milled and$29 US /t G&A ore milled;$27 -
Metallurgical recovery assumptions used in the estimation were
97.5% copper recovery and80% silver recovery; and - Figures are subject to rounding.
Mineral Reserve grade at
The mine plan strategy is somewhat determined by the requirement for additional return air rise (“RAR”) ventilation at the bottom of QTSN, during which time the mine plan mines the higher grade core. Once the RAR system is in place then the mine plan reverts to a more bulk tonnage model given the large excess processing plant capacity at the mine. At elevated Cu prices the goal is to maximise Cu production where possible and to defer any medium grade (
MAC does not consider the updated Mineral Reserve estimate has materially changed since the Mineral Reserve estimate was last reported by MAC.1
1 |
Refer to the MAC announcement titled ‘Updated Resource and Reserve Statement and Production Guidance’ dated 23 April 2024 for details. |
JORC
MAC is subject to the reporting requirements of both the Securities Exchange Act of 1934 (US) and applicable Australian securities laws (including the ASX Listing Rules), and as a result, has separately reported its Mineral Reserves (referred to as ore reserves for the purpose of the Australasian Joint Ore Reserve Committee Code, 2012 edition (“JORC”)) and Mineral Resources according to the standards applicable to those requirements.
2 |
Refer to the MAC announcement titled ‘Updated Resource and Reserve Statement and Production Guidance’ dated 23 April 2024 for details. |
Conference Call
The Company will host a conference call and webcast to discuss the Company’s updated Resource and Reserve Statement on Monday, February 24 at 6:30 pm (
Details for the conference call and webcast are included below.
Webcast
Participants can access the webcast at the following link https://ccmediaframe.com/?id=vfXrY9nt
Conference Call
Participants can register for the call at https://s1.c-conf.com/diamondpass/10045530-jh7y6t.html
After registering you will receive a confirmation email containing information about joining the conference call and webcast.
Replay
A replay of the webcast will be available via the webcast link above or by visiting the Events section of the company’s website.
– Ends –
This announcement is authorised for release by the Board of Directors.
QUALIFIED PERSON STATEMENTS
Mineral Resources
The information in this announcement that relates to the Company’s Mineral Resources is based on information compiled by Eliseo Apaza, a Qualified Person for the purpose of S-K 1300, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Apaza is employed by Cobar Management Pty Ltd (being a wholly owned subsidiary of MAC Copper Limited). Mr Apaza consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
Mineral Reserves
The information in this announcement that relates to the Company’s Mineral Reserves is based on information compiled by Jan Coetzee, a Qualified Person for the purpose of S-K 1300, who is a Member of the Australian Institute of Mining and Metallurgy. Jan Coetzee is employed by Metals Acquisition Corp. (
About MAC Copper Limited
MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.
Forward Looking Statements
This release has been prepared by MAC Copper Limited (“Company” or “MAC”) and includes “forward-looking statements.” The forward-looking information is based on the Company’s expectations, estimates, projections and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of copper, continuing commercial production at the CSA Copper Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.
MAC’s actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation, MAC’s expectations with respect to future performance of the CSA Copper Mine. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MAC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the supply and demand for copper; the future price of copper; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated reclamation expenses; claims and limitations on insurance coverage; the uncertainty in Mineral Resource estimates; the uncertainty in geological, metallurgical and geotechnical studies and opinions; infrastructure risks;; and other risks and uncertainties indicated from time to time in MAC’s other filings with the SEC and the ASX. MAC cautions that the foregoing list of factors is not exclusive. MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
More information on potential factors that could affect MAC’s or CSA Copper Mine’s financial results is included from time to time in MAC’s public reports filed with the SEC and the ASX. If any of these risks materialize or MAC’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that MAC does not presently know, or that MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MAC’s expectations, plans or forecasts of future events and views as of the date of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing MAC’s assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Appendix 1
Mineral Resources – Material Information Summary
The following summary of all information material to understanding the reported estimates of Mineral Resources in relation to the following matters is provided.
Geology and geological interpretation
The CSA deposit is located within the Cobar mineral field, in the Cobar Basin. Mineralisation is hosted in the Silurian-age CSA Siltstone, a member of the Amphitheatre Group of the Cobar Supergroup sequence of rocks and is associated with zones of deformation and shearing. The CSA Siltstone consists of a sequence of rhythmic bedded siltstones and sandstones. The rock sequence was structurally deformed during the development of the Cobar Basin in the early Devonian period.
Interpretation of the wireframes is based on geological mapping in the mine, drill core logging, and the structural model that has been developed over time. CSA used a threshold of
Sampling and sub-sampling techniques
Half core samples are mostly 1m in length with sample weights averaging 1.9kg. The cutting and sampling process is carried out at CSA Mine.
The sampling procedures includes interval checks, cutting intervals, sampling intervals, inserting standards and blanks, sampling duplicates, weighing samples and dispatching samples. All parts of the core processing cycle are tracked and recorded electronically.
Drilling techniques
Drilling comprised mostly NQ and NQ2 diamond drill holes using standard tube although in 2023 all underground drilling was NQ3 size. Minor sampling from HQ, BQ, LTK48 and LTK60 sized diamond core holes.
Criteria for classification
Mineral Resource Classification takes into account: location of mine development, drill spacing, grade continuity, search criteria, and copper Kriging metrics. In summary:
- Measured has a diamond drill spacing of approximately ≤20m north-south by 37.5m vertical for QTS North and 20m north-south by 20m vertical for other systems.
- Indicated has a diamond drill spacing of approximately ≤40m north-south by 70m vertical (QTS North) and 40m north-south by 40m vertical (all other systems).
- Inferred has a diamond drill spacing of approximately ≥40m north-south by 70m vertical (QTS North) and 40m north-south by 40m vertical (all other systems). Drill density is sufficient to give confidence that the lens persists down plunge/dip.
Sample analysis method
Samples for assay are sent to the ALS Laboratory in Orange, NSW. All samples are assayed using ALS’ Assay Procedure – ME-OG46, Ore Grade Elements by Aqua Regia Digestion Using Conventional ICP-AES Analysis for a list of elements including Cu, Ag, Pb, Zn, Fe and S.
The majority of assay records from holes drilled prior to 2000 have been assayed using an unknown assay technique. Assessment of the potential impact of these assays on the resource estimate indicates that the only likely significant effect is on the Eastern and Western Systems mineral resources above 9300 mRL (it includes 2L – 6L). As a result, the Eastern and Western System mineral resources above the 9300 mRL are considered as part of Inferred Mineral Resource.
Estimation methodology
Grade estimation is by Ordinary Kriging using 1m composites within hard boundary domains defined using a
For the Eastern 2L – 6L, zinc estimation is by Ordinary Kriging using 1m composites within hard boundary domains using a
Cut-off grade(s) including the basis for the selected cut-off grade(s)
Mineral resources are reported above a 1.5 Cu (%) cut-off. The high-grade mineralisation interpretation is based on geology and represents a natural
Mining and metallurgical methods and parameters (other material modifying factors considered to date)
The mineral resource interpretations are steeply plunging and ideal for the long hole stoping methods adopted at CSA. Stope size and standard mining block units also influenced parent block size selection.
Copper processing recoveries at CSA are typically 95.4 -
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224300507/en/
Mick McMullen
Chief Executive Officer & Director
MAC Copper Limited
investors@metalsacqcorp.com
Morné Engelbrecht
Chief Financial Officer
MAC Copper Limited
Source: MAC Copper Limited